Environmental and Social Analysis and Governance (ESG) and Intellectual Capital on Profitability with Stock Price as a Moderating Variable in Mining Companies Listed on the IDX 2021-2024
DOI:
https://doi.org/10.55681/economina.v5i8.3616Keywords:
Environmental, Social, and Governance (ESG, Intellectual Capital, Profitability, Return on Assets (ROA, Stock Price, Mining Companies.Abstract
The profitability of mining companies in Indonesia experienced fluctuations and tended to decline during the 2021–2024 period due to commodity price volatility, rising operational costs, and increasing demands for sustainable business practices. This condition highlights the importance of examining factors that influence profitability, particularly Environmental, Social, and Governance (ESG) performance and Intellectual Capital (IC), while considering the moderating role of stock prices. This study aimed to analyze the effects of ESG and Intellectual Capital on profitability, proxied by Return on Assets (ROA), and to examine whether stock prices moderate these relationships in mining companies listed on the Indonesia Stock Exchange during 2021–2024. This study employed a quantitative research approach using purposive sampling, resulting in a sample of 22 mining companies selected from a population of 63 companies. Secondary data were collected from annual reports and sustainability reports and analyzed using multiple linear regression and Moderated Regression Analysis (MRA) with SPSS version 23. The findings revealed that ESG had a positive and significant effect on profitability. Likewise, Intellectual Capital positively and significantly affected profitability. Simultaneously, ESG and Intellectual Capital significantly explained variations in corporate profitability. However, stock prices were unable to moderate the relationship between ESG and profitability or between Intellectual Capital and profitability. These findings indicate that strengthening sustainability practices and effectively managing Intellectual Capital are essential for improving the financial performance of mining companies, whereas stock price movements do not reinforce these relationships.
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